After one of my clients tried to transfer some licence information/usage from the server to a memory-key/hard-lock so that one of the users could use their program off-site their server is now extremely slow. This process involved following this:

The server is now almost impossible to use, even opening up Terminal takes 2-3 minutes.

I've done several restarts, checked that there is sufficient hd-space and enough memory free. Also there are no programs hogging the cpu. System update found no updates. No antivirus-program installed.

I did try to open Server Admin and tried to look for some log-info, but got error-msg saying "Could not connect to <name>.local" (where <name> is the servername)